The SEBI (Securities and Exchange Board of India) Act of 1992 defines a collective investment scheme as follows:

Any plan or course of action that meets the conditions set forth in Section 11AA is referred to as a collective investment scheme.

Section 11AA defines a collective investment scheme as any plan or arrangement that meets the conditions outlined in sub-sections (2) and (2A).

Regardless, a collective Investment Scheme is defined as the pooling of assets under any plan, course of the action plan, or arrangement that isn't enrolled with SEBI or isn't secured under sub-section(3) and has a corpus value of one hundred crore rupees or more.